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Insurance UK

  • July 26, 2018

    UK Watchdog Reveals Weakness In Pension Audit Work

    The U.K.'s accountancy watchdog on Thursday slammed the quality of pension reporting being carried out by auditors, saying there is "room for improvement" in how pension schemes are valued.

  • July 26, 2018

    London Isn't Only UK City To Suffer In Bad Brexit, Group Says

    Financial hubs outside of London, many of which voted to leave the European Union, could stand to lose the most if the U.K. is hit with a bad Brexit deal for financial services, a think tank warned on Thursday.

  • July 26, 2018

    Pensions Watchdog Strengthens Rules For UK Master Trusts

    The pensions regulator revealed plans on Thursday to beef up its supervisory regime for multi-employer pension trusts, warning it will  “intensively scrutinize” their schemes to help it protect more than 10 million savers in the U.K.

  • July 25, 2018

    Lloyd's Failing Hawaii Policyholders After Volcano, Suit Says

    Lloyd’s of London has been missing in action after the historic eruption of Hawaii’s Kilauea volcano destroyed hundreds of homes, failing to dispatch a single claims adjuster and leaving policyholders utterly in the dark about the status of their claims, according to a suit filed Tuesday.

  • July 25, 2018

    Firms Warned To Prep For Securities Finance Trade Reporting

    Looming European Union rules for securities financing transactions may result in five times more reports than current trades, according to a new industry report published Wednesday that also warned of unintended consequences including a change in sources of collateral supply within the market.

  • July 25, 2018

    Global 20: Dechert

    Dechert LLP used its international network to take on deals like a South Korean chipmaker’s $3.5 billion buy-in on a Toshiba business and a Chinese auto products company’s joint venture with a Luxembourg-based partner, securing a spot yet again on Law360’s Global 20 list.

  • July 25, 2018

    Prudential Denied Interest On Tax Levied In Breach Of EU Law

    Prudential Assurance Company Ltd. cannot claim compound interest on corporation tax levied in breach of European Union law by by HM Revenue and Customs, Britain’s top court ruled Wednesday in an important test case over the tax treatment of dividends from overseas companies.

  • July 25, 2018

    Money Laundering, Cybercrime Surging, Law Body Warns

    The legal profession is increasingly coming under attack from cybercriminals, the regulatory body for solicitors warned Wednesday, with tens of millions of pounds being reported stolen from businesses in the U.K. and the wider public.

  • July 25, 2018

    UK Proposes 3-Year Passporting Grace Period After Brexit

    The U.K. government has published draft rules that would allow European firms to carry out regulated activity in Britain for up to three years after Brexit through the use of “passporting” rights — even if no transition deal with the EU is secured.

  • July 24, 2018

    Curtis Adds Gibson Dunn Litigation, Arbitration Pro

    Curtis Mallet-Prevost Colt & Mosle LLP has nabbed a former Gibson Dunn & Crutcher LLP solicitor-advocate to lead its London litigation practice and bolster its global disputes team with his extensive experience handling complex litigation and international arbitration matters.

  • July 24, 2018

    Global 20: Dentons

    Dentons boosted its global presence over the last year by continuing to grow at a rapid pace while opening offices in places including the Netherlands and Myanmar, cementing its spot on Law360’s Global 20 for another year.

  • July 24, 2018

    British Gov't Plans To Abide By EU Law To End Of 2020

    The U.K. will remain bound by the European Union's laws and regulatory framework until the Brexit transition period elapses at the end of 2020, according to the proposed EU Withdrawal Agreement published by the government on Tuesday.

  • July 24, 2018

    FCA Gets Passing Marks From EU On MiFID II Regulation

    Europe’s top securities regulator said Tuesday that the U.K.’s Financial Conduct Authority is effectively overseeing and enforcing European Union rules that require firms to assess the suitability of investment products and financial instruments for their clients.

  • July 24, 2018

    EU Resolution Board's Bank Bailout Fund Swells To €25B

    The EU’s central resolution authority said on Tuesday that its fund for helping failing banks has ballooned to almost €25 billion ($29.2 billion) after it collected contributions this year from financial institutions across the bloc.

  • July 24, 2018

    UK Car Insurers Vote To Share Terrorism Claims Costs

    Motor insurers will share the risk of claims for terrorism after they voted to allow the U.K. body responsible for compensating victims of uninsured or hit-and-run drivers to handle payouts to victims of deliberate attacks involving a vehicle, the body has said.

  • July 23, 2018

    Global 20: Reed Smith

    Reed Smith LLP helped the owners of the V.C. Summers nuclear facility secure a $2.2 billion cross-border settlement from Toshiba and represented BSG Resources Ltd. in a $10 billion suit against financier George Soros and his Open Society Foundations over revoked Guinea iron ore mining rights, just two of the accomplishments over the past year that landed the firm on Law360’s Global 20 list.

  • July 23, 2018

    Watchdog Says It Shares MPs' Worries About UK Audit Sector

    The Bank of England's regulatory arm has said it shares the concerns of lawmakers that there is a lack of choice in the audit market for British banks, but rebuked suggestions that the watchdog is reluctant to allow the lenders to use auditors outside the Big Four.

  • July 23, 2018

    Industry Wants FCA To Be Clearer And More Forward-Looking

    Firms’ overall satisfaction with the Financial Conduct Authority has increased but the industry still wants the regulator to be more transparent on its regulatory decisions and improve the way it facilitates innovation within U.K. financial services, it was announced Monday.

  • July 23, 2018

    AXA Fights Broker For £4M Over Ditched Sales Contract

    An AXA SA unit has denied giving a medical insurance broker permission to end their sales contract if the broker was unhappy with the insurer’s prices, continuing to push a £3.9 million ($5.1 million) suit over the broker's switch to rival Catlin.

  • July 23, 2018

    Blockchain May Work With Payments System, BOE Finds

    The Bank of England said on Monday that its widened payments system could allow blockchain users to access central bank money by supporting innovative fintech firms that use distributed ledger technology.

Expert Analysis

  • UK Policyholders Must Beware Pre-Brexit Policy Transfers

    Richard Mattick

    Recent disclosures by U.K. insurance regulators have highlighted the possibility of an imminent flood of applications by U.K. insurers to English courts to transfer their policies to their EU-based affiliates. Policyholders affected by these transfers will need to scrutinize them closely, says Richard Mattick of Covington & Burling LLP.

  • Consider The Impact Of Carillion's Decline And Fall

    Lance Ashworth

    In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.

  • Why Machine Learning Should Matter To Lawyers

    Dan Puterbaugh

    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.

  • The Volkswagen Scandal: Catalyst For Class Action Change?

    Noah Wortman

    The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.

  • Cyber Incident Transparency Can Assist Cyber Insurance

    Neil Warlow

    In a recent report, the Organisation for Economic Co-operation and Development considered whether cyber insurance can operate as a driving force in improving cyber risk management generally. Making detailed information on cyber incidents available would help cyber insurance function as a critical risk resilience tool, say Neil Warlow and Sarah Stephens of JLT Specialty Limited.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.

  • EU Notice To Stakeholders Is Accurate, But Misleading

    Louise Freeman

    The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.